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Finance Act 1974 Chapter III

Title: Direct Taxes

State: Central

Year: 1974

.....making allowance for any relief, rebate or deduction in respect of income-tax to which the company is entitled under the provisions of the said Act or the annual Finance Act; and (b) the amount of surtax computed in accordance with the foregoing provisions of this Schedule, exceeds the amount calculated at seventy per cent. of the total income of the company, the amount of such excess shall be deducted from the amount of surtax referred to in clause (b) above and the balance shall be the amount of the surtax payable by the company.". Section 16 - Continuance of development rebate in certain cases The notification of the Government of India in the Ministry of Finance (Department of Revenue and Insurance) No. S.O. 2167, dated the 28th day of May, 1971, issued under sub-section (5) of section 33 of the Income-tax Act shall not apply in respect of - (a) any ship acquired after the 31st day of May, 1974, but before the 1st day of June, 1975, by any assessee, if the assessee furnishes evidence to the satisfaction of the Income-tax Officer that he had, before the 1st day of December, 1973, entered into a contract for the purchase of such ship with the builder or owner.....

Finance Act, 1974 Complete Act

State: Central

Year: 1974

.....being in force for regulating payments and dealings in foreign exchange, on the date on which such permission is given. SECTION 18: AMENDMENT OF' ACT 32 OF 1934 - This Act has been repealed and replaced by the Customs Tariff Act 1975 (51 of 1975) which has been printed in Vol. 15 of this series. SECTION 19: AUXILIARY DUTIES OF CUSTOMS (1) In the case of goods mentioned in the First Schedule to the Tariff Actaor in that Schedule as amended from time to time, there shall be levied and collected as an auxiliary duty of customs an amount equal to twenty per cent. of the value of the goods as determined in accordance with the provisions of section 14 of the Customs Act, 1962-(hereinafter referred to as the Customs- Act). (2) Sub-section (1) shall cease to have effect after the 31st day of March 1975, except as respects things done or omitted to be done before such cesser and section 6 of the General Clauses Act,1897-shall apply upon the such cesser as if the said sub-section had then been. repeated by a central Act (3) The auxiliary duties of customs referred to in sub-section (1) shall be in addition any duties of customs chargeable on such goods under the Customs Act, or any.....

Finance Act 1974 Section 14

Title: Amendment of Act 27 of 1957

State: Central

Year: 1974

.....(i)" and for the words, brackets and figures "items (i) to (v)", the words, brackets and figures "items (i) to (iii)" shall be substituted; (2) in section 5, - (a) in sub-section (1), - (i) for clause (iva), the following clause shall be substituted, namely :- "(iva) agricultural land belonging to the assessee;"; (ii) in clause (ivb), in the proviso, for the words "as dwelling house, store house or outhouse", the words "as store house or for keeping livestock" shall be substituted; (iii) in clause (vi), the following proviso shall be inserted at the end, namely :- "Provided that in the case of a policy of insurance the premium or other payment whereon is payable during a period of less than ten years, the amount that shall not be included in the net wealth of the assessee under this clause shall be a sum that bears to the value of the right or interest of the assessee in the policy the same proportion as the number of years during which the premium or other payment on the policy is payable bears to ten;"; (b) in sub-section (1A), for the word, brackets and figures "clauses (xv),", the word, brackets, figures and letter "clauses (iva), (xv)," shall be substituted; .....

Finance Act 1974 Chapter II

Title: Rates of Income-tax

State: Central

Year: 1974

.....First Schedule. (6) Subject to the provisions of sub-section (7), in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or deducted under sub-section (9) of section 80E of the said Act from any payment referred to in the said sub-section (9) or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, "advance tax" shall be so calculated, charged, deducted or computed at the rate or rates specified in Part III of the First Schedule : Provided that in respect of any income chargeable to tax under section 164 of the Income-tax Act at the rate of sixty-five per cent., "advance tax" shall be computed at that rate. (7) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A of Part III of the First Schedule applies, where the assessee has, in the.....

Finance Act 1974 Section 2

Title: Incoeme-tax

State: Central

Year: 1974

.....First Schedule. (6) Subject to the provisions of sub-section (7), in cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or deducted under sub-section (9) of section 80E of the said Act from any payment referred to in the said sub-section (9) or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, "advance tax" shall be so calculated, charged, deducted or computed at the rate or rates specified in Part III of the First Schedule : Provided that in respect of any income chargeable to tax under section 164 of the Income-tax Act at the rate of sixty-five per cent., "advance tax" shall be computed at that rate. (7) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A of Part III of the First Schedule applies, where the assessee has, in the.....

Mumbai Metropolitan Region Development Authority Act, 1974 Complete Act

State: Central

Year: 1974

MUMBAI METROPOLITAN REGION DEVELOPMENT AUTHORITY ACT, 1974 MUMBAI METROPOLITAN REGION DEVELOPMENT AUTHORITY ACT, 1974 [Act No. IV of 1975] AN Act for forming Brihan Mumbai and certain areas round about into a Mumbai Metropolitan Region], to provide for the establishment of an Authority for the purpose of planning, coordinating and supervising the proper, orderly and rapid development of the areas in that Region and of executing plans, projects and schemes for such development, and to provide for matters connected therewith. CHAPTER I-PRELIMINARY SECTION 01: SHORT TITLE AND COMMENCEMENT (1)This Act may be called 3[the Mumbai Metropolitan Region Development Authority Act, 1974] (2) It shall come into force on such 2[date as the State Government may, by notification in the Official Gazzet appoint. SECTION 02: DEFINITIONS (1) In this Act,-unless the context otherwise requires (a) "Amenity" includes Roads Bridge, any other means of communication transport, supply of water and electricity, any other source of energy, street lighting, drainage, sewerage and conservancy, and any other convenience as the State Government consultation to time, by notification in the Official.....

Finance Act 1974 Schedule I

Title: First Schedule

State: Central

Year: 1974

.....or charging income-tax in certain cases, deducting income-tax from income chargeable under the head "salaries" or any payment referred to in Sub-section (9) of Section 80E and computing "advance tax" In cases in which income-tax has to be calculated under the first proviso to sub-section (5) of section 132 of the Income-tax Act or charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section 175 or sub-section (2) of section 176 of the said Act or deducted under section 192 of the said Act from income chargeable under the head "Salaries" or deducted under sub-section (9) of section 80E of the said Act from any payment referred to in the said sub-section (9) or in which the "advance tax" payable under Chapter XVII-C of the said Act has to be computed, at the rate or rates in force, such income-tax or, as the case may be, "advance tax" (not being "advance tax" in respect of any income chargeable to tax under section 164 of the Income-tax Act at the rate of sixty-five per cent.) shall be so calculated, charged, deducted or computed at the following rate or rates :- Paragraph A Sub-Paragraph I In the case of every individual or Hindu undivided.....

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974, Section 4

Title: Requirement as to Compulsory Deposit

State: Central

Year: 1974

.....after the 1st day of April, 1986), at the rates specified in Paragraph D of the Schedule.]] (2) Where in the case of any person specified in Sub-section (2) of Section 3, a deduction is required to be made under the Additional Emoluments (Compulsory Deposit) Ordinance, 1974, the amount of the compulsory deposit which such person is liable to make under this Act for any assessment year shall be reduced by the amount deducted under that Ordinance during the financial year immediately preceding that assessment year; and where such deduction is equal to or exceeds the amount of such compulsory deposit, it shall not be necessary for such person to make a compulsory deposit for that assessment year. Explanation.-- When any Central Act repeals and replaces (with or without any modification) the Additional Emoluments (Compulsory Deposit) Ordinance, 1974, the references to the said Ordinance in this sub-section shall be construed as references to such Central Act. (3) For the purposes of this section, "current income", in relation to an assessment year, means,-- (a)2[in a case where a statement is sent by the person under Clause (a) of Sub-section (1) of Section 209A of the.....

Compulsory Deposit Scheme (Income Tax Payers) Act, 1974 Complete Act

State: Central

Year: 1974

.....this Act; (b) "deposit" means a deposit of money. (c) "depositor" means a person who is liable to make a compulsory deposit; (d) "Income-tax Act" means the Income-tax Act, 1961; 1[(dd) "Income-tax Officer" has the same meaning as in clause (25) of section 2 of the Income-tax Act, and includes an Inspecting Assistant Commissioner who exercises or performs the powers or functions conferred on or assigned to him under section 125orsection 125Aof the said Act.] (e) all other words and expressions used herein but not defined and defined in the Income-tax Act shall have the meanings, respectively assigned to them in that Act. SECTION 03: PERSONS LIABLE TO MAKE COMPULSORY DEPOSITS - (1) Subject to the provisions of this Act, the persons specified in sub-section (2) shall be liable to make compulsory deposits2[for the assessment year commencing on the 1st day of April, 1975 and every subsequent assessment year (not being an assessment year commencing on or after the3 [1st day of April, 1986].) (2) The persons referred to in sub-section (1) are the following namely:- (a) every person, being- (i) an individual, who is a citizen of India; (ii) a Hindu undivided family; .....

Finance Act 1974 Section 11

Title: Amendment of Section 209

State: Central

Year: 1974

.....undivided family which has at least one member whose total income of the previous year exceeds the maximum amount not chargeable to income-tax in his case, then, the Income-tax Officer shall, for making an order under section 210 in the case of any such Hindu undivided family, compute (subject to the provisions of section 164) the advance tax a such rate or rates - (a) in a case where the total income of the latest previous year in respect of which the Hindu undivided family has been assessed by way of regular assessment forms the basis of computation of advance tax, if the total income of any member of the family for the assessment year relevant to such latest previous year exceeds the maximum amount not chargeable to income-tax in his case; (b) in a case where the total income of the previous year on the basis of which tax has been paid by the Hindu undivided family under section 140A forms the basis of computation of advance tax, if the total income of any member of the family for the assessment year relevant to such previous year exceeds the maximum amount not chargeable to income-tax in his case.".